The Miami-Dade real estate market is appealing for many reasons, including that it offers some generous incentives to experienced and first-time buyers alike. It is no surprise, then, that the market attracts both domestic and international real estate investors. Unfortunately, however, buying real estate in Florida can be complicated by immigration issues in some cases. It is for that reason that your ability to make sound real estate investment decisions can depend upon understanding a number of immigration guidelines.
U.S. News discusses immigration-related real estate considerations, and explains that homeownership among U.S. immigrants has spiked in recent years. Even so, there are still challenges that foreign investors can face when attempting to enter the U.S. real estate market. For instance, many people who do not have a U.S. credit record or citizenship status may have a difficult time qualifying for a mortgage. Fortunately, you may qualify for a government-backed mortgage loan if you can provide at least two years of U.S. tax returns. Another option is to apply for a loan through a portfolio lender. Cash transactions also make the process easier in many cases.
The type of real estate that you are hoping to invest in can also play a role in whether or not you are approved. Given that condominiums do not typically require as much information from prospective investors as cooperative buildings, it may be more appealing to purchase a condo if you are not a citizen. Condominiums are not generally as concerned over whether or not you own other properties, and co-op boards are known to do extensive credit checks on prospective buyers.
Keep in mind, though, that other factors can also affect real estate transactions when it comes to citizenship status and other related issues. The information provided above is only intended to be educational in nature and cannot be used as legal counsel.